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TMI Blog2021 (3) TMI 941X X X X Extracts X X X X X X X X Extracts X X X X ..... nts. The learned NCLT rightly observed that when the allegations made by the parties in their Company Petitions are serious in nature and without completing the pleadings, it cannot examine the same in detail. Hence the learned NCLT decided to hear the Company Petitions and Company Applications after completing the pleadings. Therefore, the reliefs sought by the Appellants in CAs as well as in CP are pending for consideration by the leaned NCLT. The Appeal is premature for the reason that the leaned NCLT is seized of the matter. Further, it is on the record that the Appellants filed the Contempt Application under Section 425 of the Companies Act, 2013 which is also pending for consideration and the copy of the Company Application is filed before this Tribunal. Appeal dismissed. - Company Appeal (AT) No. 09 of 2021 - - - Dated:- 22-3-2021 - [Justice Jarat Kumar Jain] Member (Judicial) And (Kanthi Narahari) Member(Technical) For the Appellants : Mr. S.N. Mukherjee, Sr. Advocate, Mr. Ramji Srinivasan, Sr. Advocate, Mr. Vivek Tankha, Sr. Advocate, Mr. Shammak Mitra, Ms. Rajshree, Chaudhary, Mr. Shivkrit Rai, Ms. Swapnil Khatri, Mr. Pranaya Goyal, Mr. Utkarsh Kulvi, Mr. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lants from the management and day to day affairs of the Respondent No. 1 Company with the sole ulterior motive of throwing the Appellants out of the Respondent No. 1 Company. Respondent Nos. 2 to 7 committed gross irregularities by controlling Respondent No. 1 Company spending funds, syphoning of monies under the guise of CSR expenditure etc. The Appellants own 13% of shares each in Respondent No. 1 Company aggregating to 26% and being promotors/Directors on its Board, approached the Hon ble NCLT by filing Company Petition No. 164 of 2020 under Sections 241 and 242 of the Companies Act, 2013 alleging oppressive acts of Respondents in the affairs of the Respondent No. 1 Company. While so, the 3rd Respondent also filed Company Petition under Sections 241 and 242 of the Companies Act, 2013 before the Hon ble NCLT. On 16.11.2020 the Respondent No. 5 issued two Special Notices purportedly under Sections 115 and 169 of the Companies Act, 2013 proposing resolutions to be included in the ensuing AGM scheduled to be held on 01.12.2020 for removal of the Appellants as Directors from the Board of the Respondent No. 1 Company. The said notices were forwarded to the Appellants by Respondent No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 021 before the Hon ble NCLT for appropriate directions against the Respondents. 7. Learned Senior Counsel for the Appellants submitted that the present Appeal is without prejudice to the Contempt Application filed by the Appellants before the Hon ble NCLT. In view of the above reasons, learned Senior Counsel prayed this Bench to set aside the purported illegal termination of the employment of the Appellants and sought directions to the Respondents to forthwith restore all rights, benefits, entitlements etc. The Appellants also prayed various interim reliefs in the Appeal. 8. Learned Senior Counsel appearing for the Respondents submitted that the Appeal is without any merit and liable to be dismissed at threshold. 9. It is submitted that the Hon ble NCLT granted status quo order by way of impugned order dated 27.11.2020 and the Hon ble NCLT posted the Company Petitions along with Company Applications for final disposal on 18.12.2020. Therefore, the learned Senior Counsel submitted that the Appellants instead of prosecuting the Company Petitions and the Application before the Hon ble NCLT, approached this Appellate Tribunal without completely exhausting their remedies availa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd Meeting dated 07.11.2020, stay the AGM of the Respondent No. 1 Company scheduled to be held on 01.12.2020, stay the Special Notice dated 16.11.2020, appoint independent Chairman/Administrator to take charge and look after the affairs of the Respondent No. 1 Company and supercede the Board of Respondent No. 1 Company etc. 15. The Appellants also sought similar reliefs in this Appeal at page 70 of the Appeal Paper Book, namely to stay the proposed Board Meeting of the Respondent No. 1 Company scheduled to be held on 07.11.2020, stay the effect and operation of any purported resolution passed at the Board Meeting dated 07.11.2020, pass an order directing the Respondents to forthwith restore all rights, benefits and entitlements etc., reinstate the Appellants as Head of Finance and Head of Operations of Respondent No. 1 Company, appoint an independent Chairman/Administrator to take charge of the affairs of the Respondent No. 1 Company etc. 16. From the careful perusal of the interim reliefs sought by the Appellants in the Company Petition being C.P. No. 164 of 2020 at page 215 and in the present Appeal at page -70 of the Appeal Paper Book are ditto. Further, the Appellants als ..... X X X X Extracts X X X X X X X X Extracts X X X X
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